Maximizing happiness means more than maximizing wealth, and yet many students
assume economists only care about "the bottom line." Economics: Private
Markets and Public Choice emphasizes that economics is, at its base, about our
society's well-being and our individual happiness in all forms, not just profit.
The authors teach students to apply economic concepts not only to key policy decisions
like taxes, inflation, and free trade, but also to personal decisions such as household
finance, marriage, and career choices.
The Seventh Edition is enhanced by MyEconLab, the online homework system featuring
automatically graded graphing problems and proven tutorial tools. Access to MyEconLab
comes with every new textbook at no additional cost to the student.
Features
- The authors build a solid foundation in basic, modern economic theory and connect that
theory with policy, issues, and news in today's world through hundreds of applications and
examples.
- In the Economics After College features, students think about how they can
balance their personal goals with their monetary goals to maximize their individual
happiness.
- Through Economics in Real Time, students look at the 'big picture' of economics by
analyzing national and global issues such as Social Security, free trade, and the state of
U.S. agriculture.
- What's in It for You? builds decision-making skills by framing everyday
actions in economic terms, such as balancing a checkbook or buying scalped concert
tickets.
- Point/Counterpoint features, which appear at the end of each Part, look at pivotal
debates in policy by presenting the opposing viewpoints of two renowned economists.
- The authors explore the extent to which society's welfare is advanced when markets are
used to allocate resources to their most desired private uses.The text includes an
extensive discussion of environmental economics and market approaches to such problems as
pollution, endangered species, and finite natural resources.
- In microeconomics, Chapters 1-13 offer a precise discussion of core microeconomic
theory, followed by applied microeconomics topics (Chapters 14-15) and a thoughtful
discussion of public choice (Chapter 16).
- In macroeconomics, the text follows a simple, orderly structure of modern
macroeconomic theory and policy that uses a historical transition from classical economics
(Chapter 19) to Keynesian economics (Chapter 20) to aggregate demand and supply (Chapter
21).
- MyEconLab, Addison-Wesley's online homework and tutorial solution, provides your
students with targeted feedback and an individualized study plan to keep them focused on
key economic concepts in every chapter.
Contents
Part I The Power of Economic Thinking
Chapter 1 Economics in Perspective
Chapter 2 Opportunity Cost, Specialization, and Trade
Chapter 3 Private Markets and Prices: Laws of Demand & Supply
Chapter 4 Markets, Economic Welfare, and Politics
Part II The Architecture of Private Markets
Chapter 5 Elasticity
Chapter 6 The Logic of Consumer Choice and Demand
Chapter 7 The Firm and Costs of Production
Chapter 8 Competitive Markets
Chapter 9 Monopoly: The Firm as Industry
Chapter 10 Imperfect Competition
Part III Input Markets and Income Distribution
Chapter 11 Competitive Labor Markets and Unions
Chapter 12 Entrepreneurship and the Organization of Production
Chapter 13 Income Distribution, Poverty, and Health Care
Part IV Applied Microeconomics and Public Choice
Chapter 14 Antitrust, Regulation, and Public Policy
Chapter 15 Environmental Economics
Chapter 16 Public Choice
Part V The Fundamentals of Macroeconomics
Chapter 17 Contemporary Macroeconomics
Chapter 18 Measuring the Macroeconomy
Chapter 19 Classical Macroeconomic Theory
Chapter 20 Keynesian Macroeconomics
Chapter 21 Aggregate Demand and Aggregate Supply
Chapter 22 Fiscal Policy and the Supply Side: Using the Tools
Chapter 23 Taxes, the Deficit, and the Debt
Part VI Money
Chapter 24 Money, Banking, and the Federal Reserve
Chapter 25 Money and Inflation
Part VII Macroeconomic Policy and Economic Growth
Chapter 26 Macroeconomic Theory & Policy
Chapter 27 Global Economic Growth and Development
Part VIII International Trade and the Global Economy
Chapter 28 International Trade
Chapter 29 International Finance
Glossary
Credits
Index
Value pack, 797 pages
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